Ab Corporate Shares NPORT-P AB Corporate Income Shares (Jul 2021 report)

AB Corporate Income Shares

Portfolio of Investments

July 31, 2021 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE – 93.9%
Industrial – 48.7%
Basic – 3.0%
Alpek SAB de CV 3.25%, 02/25/2031(a)	$	214	$	217,250
Anglo American Capital PLC 2.25%, 03/17/2028(a)		400		407,492
5.625%, 04/01/2030(a)		435		537,773
ArcelorMittal SA 4.25%, 07/16/2029		480		541,022
Celulosa Arauco y Constitucion SA 4.25%, 04/30/2029(a)		246		268,217
4.50%, 08/01/2024		200		214,000
Equate Petrochemical BV 2.625%, 04/28/2028(a)		317		320,269
Glencore Funding LLC 1.625%, 09/01/2025(a)		531		539,002
4.625%, 04/29/2024(a)		175		192,162
Huntsman International LLC 2.95%, 06/15/2031		540		558,133
Industrias Penoles SAB de CV 4.15%, 09/12/2029(a)		300		326,306
International Flavors & Fragrances, Inc. 1.832%, 10/15/2027(a)		38		38,468
2.30%, 11/01/2030(a)		210		214,654
International Paper Co. 7.30%, 11/15/2039		140		223,076
Inversiones CMPC SA 3.85%, 01/13/2030(a)		210		224,871
LYB International Finance III LLC 2.875%, 05/01/2025		340		363,477
LyondellBasell Industries NV 4.625%, 02/26/2055		102		129,988
Mosaic Co. (The) 5.625%, 11/15/2043		170		228,519
Reliance Steel & Aluminum Co. 4.50%, 04/15/2023		848		896,098
Sherwin-Williams Co. (The) 3.125%, 06/01/2024		62		66,179
Suzano Austria GmbH 3.75%, 01/15/2031		92		95,846
				6,602,802
Capital Goods – 0.8%
Caterpillar Financial Services Corp. 0.25%, 03/01/2023		605		605,139
CNH Industrial Capital LLC 1.95%, 07/02/2023		320		328,147
General Electric Co. 3.45%, 05/01/2027		26		28,828
Siemens Financieringsmaatschappij NV 2.875%, 03/11/2041(a)		305		321,278
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025		61		65,071
4.40%, 03/15/2024		39		42,240

1

	Principal Amount (000)		U.S. $ Value
4.95%, 09/15/2028	$	410	$	480,545
				1,871,248
Communications - Media – 5.1%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.50%, 06/01/2041		505		515,524
Charter Communications Operating LLC/Charter Communications Operating Capital 2.30%, 02/01/2032		455		446,582
3.70%, 04/01/2051		225		227,124
5.125%, 07/01/2049		309		373,754
5.375%, 05/01/2047		519		641,977
Comcast Corp. 3.25%, 11/01/2039		568		618,649
3.90%, 03/01/2038		215		251,068
4.60%, 10/15/2038		85		106,940
4.65%, 07/15/2042		498		636,817
6.45%, 03/15/2037		436		643,340
Cox Communications, Inc. 2.60%, 06/15/2031(a)		424		437,835
Discovery Communications LLC 4.65%, 05/15/2050		59		70,116
5.20%, 09/20/2047		188		237,908
5.30%, 05/15/2049		82		105,327
Fox Corp. 3.05%, 04/07/2025		23		24,696
3.50%, 04/08/2030		180		200,407
4.709%, 01/25/2029		455		538,042
5.576%, 01/25/2049		526		726,080
Interpublic Group of Cos., Inc. (The) 4.65%, 10/01/2028		93		110,411
Omnicom Group, Inc. 2.60%, 08/01/2031		210		217,239
4.20%, 06/01/2030		629		732,816
Prosus NV 3.68%, 01/21/2030(a)		210		221,130
Tencent Holdings Ltd. 2.39%, 06/03/2030(a)		397		397,695
Thomson Reuters Corp. 5.65%, 11/23/2043		280		391,213
Time Warner Entertainment Co. LP 8.375%, 03/15/2023		987		1,109,743
ViacomCBS, Inc. 3.50%, 01/15/2025		21		22,624
4.20%, 05/19/2032		225		263,021
Walt Disney Co. (The) 3.00%, 09/15/2022		265		273,027
3.35%, 03/24/2025		131		142,865
4.00%, 10/01/2023		40		43,046
6.40%, 12/15/2035		161		239,433
8.875%, 04/26/2023		125		142,720
Weibo Corp. 3.50%, 07/05/2024		373		389,622
				11,498,791

2

	Principal Amount (000)		U.S. $ Value
Communications - Telecommunications – 4.2%
AT&T, Inc. 2.55%, 12/01/2033(a)	$	380	$	383,325
3.30%, 02/01/2052		135		134,962
3.50%, 09/15/2053(a)		1,174		1,211,674
3.55%, 09/15/2055(a)		535		553,008
3.65%, 06/01/2051		384		408,630
3.80%, 12/01/2057(a)		120		127,849
4.30%, 02/15/2030		277		323,043
4.35%, 03/01/2029		370		430,724
6.55%, 01/15/2028		130		164,129
Corning, Inc. 4.75%, 03/15/2042		645		825,381
Rogers Communications, Inc. 4.50%, 03/15/2043		4		4,766
T-Mobile USA, Inc. 3.875%, 04/15/2030		999		1,128,890
Verizon Communications, Inc. 0.75%, 03/22/2024		505		507,298
2.55%, 03/21/2031		201		208,968
3.40%, 03/22/2041		405		437,465
4.00%, 03/22/2050		244		286,251
4.272%, 01/15/2036		586		705,386
4.50%, 08/10/2033		685		835,056
4.862%, 08/21/2046		571		751,424
				9,428,229
Consumer Cyclical - Automotive – 2.7%
BMW US Capital LLC 3.90%, 04/09/2025(a)		378		417,369
General Motors Co. 5.95%, 04/01/2049		95		130,459
General Motors Financial Co., Inc. 2.40%, 04/10/2028		930		954,338
3.50%, 11/07/2024		513		551,254
4.15%, 06/19/2023		116		123,040
Harley-Davidson Financial Services, Inc. 3.35%, 06/08/2025(a)		824		882,059
Hyundai Capital America 5.875%, 04/07/2025(a)		160		185,546
Lear Corp. 3.50%, 05/30/2030		40		43,719
3.80%, 09/15/2027		406		453,218
Nissan Motor Acceptance Corp. 2.75%, 03/09/2028(a)		205		209,625
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(a)		285		316,883
Toyota Motor Credit Corp. 0.40%, 04/06/2023		415		415,705
1.15%, 05/26/2022		573		577,418
2.90%, 03/30/2023		364		379,863
Volkswagen Group of America Finance LLC 3.35%, 05/13/2025(a)		285		308,418
				5,948,914

3

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Other – 1.8%
Las Vegas Sands Corp. 2.90%, 06/25/2025	$	695	$	715,676
3.90%, 08/08/2029		390		414,016
Lennar Corp. 4.75%, 11/29/2027		440		513,484
Marriott International, Inc./MD 3.60%, 04/15/2024		213		227,252
3.75%, 10/01/2025		195		212,232
Series EE 5.75%, 05/01/2025		376		434,088
MDC Holdings, Inc. 2.50%, 01/15/2031		425		418,872
6.00%, 01/15/2043		140		184,912
PulteGroup, Inc. 6.375%, 05/15/2033		95		128,257
7.875%, 06/15/2032		215		315,553
Toll Brothers Finance Corp. 3.80%, 11/01/2029		380		410,841
				3,975,183
Consumer Cyclical - Restaurants – 0.1%
McDonald’s Corp. 4.70%, 12/09/2035		230		290,738
Consumer Cyclical - Retailers – 2.1%
Advance Auto Parts, Inc. 3.90%, 04/15/2030		890		1,004,356
Costco Wholesale Corp. 2.30%, 05/18/2022		263		266,963
Dollar General Corp. 3.25%, 04/15/2023		61		63,478
Home Depot, Inc. (The) 5.875%, 12/16/2036		40		58,137
PVH Corp. 4.625%, 07/10/2025		152		169,295
Ralph Lauren Corp. 2.95%, 06/15/2030		995		1,074,401
Ross Stores, Inc. 4.70%, 04/15/2027		160		186,682
4.80%, 04/15/2030		115		136,704
5.45%, 04/15/2050		215		289,513
Target Corp. 2.90%, 01/15/2022		263		266,167
VF Corp. 2.40%, 04/23/2025		88		92,436
2.80%, 04/23/2027		101		108,675
2.95%, 04/23/2030		489		524,853
Walmart Inc. 2.55%, 04/11/2023		472		488,067
				4,729,727
Consumer Non-Cyclical – 8.7%
AbbVie, Inc. 4.05%, 11/21/2039		80		94,962
4.40%, 11/06/2042		360		445,079
4.70%, 05/14/2045		223		282,755
4.75%, 03/15/2045		118		150,278

4

	Principal Amount (000)		U.S. $ Value
Altria Group, Inc. 3.40%, 05/06/2030	$	180	$	193,880
4.00%, 02/04/2061		300		295,152
4.80%, 02/14/2029		821		961,941
5.95%, 02/14/2049		190		247,372
AmerisourceBergen Corp. 0.737%, 03/15/2023		720		721,296
4.25%, 03/01/2045		165		194,641
Amgen, Inc. 4.663%, 06/15/2051		492		650,419
Anheuser-Busch InBev Finance, Inc. 4.70%, 02/01/2036		448		558,271
Anheuser-Busch InBev Worldwide, Inc. 4.60%, 04/15/2048-06/01/2060		503		628,242
4.95%, 01/15/2042		490		630,052
BAT Capital Corp. 2.259%, 03/25/2028		317		319,498
4.39%, 08/15/2037		333		366,103
4.906%, 04/02/2030		764		891,229
Biogen, Inc. 2.25%, 05/01/2030		330		335,587
3.15%, 05/01/2050		535		533,036
Bristol-Myers Squibb Co. 3.55%, 08/15/2022		256		264,668
Cardinal Health, Inc. 4.90%, 09/15/2045		315		388,193
Cigna Corp. 3.00%, 07/15/2023		71		74,273
4.80%, 08/15/2038		720		913,831
7.875%, 05/15/2027		53		71,045
CommonSpirit Health 4.35%, 11/01/2042		44		52,609
CVS Health Corp. 3.875%, 07/20/2025		308		340,747
4.78%, 03/25/2038		811		1,018,397
5.05%, 03/25/2048		115		153,142
5.125%, 07/20/2045		325		430,388
Gilead Sciences, Inc. 0.75%, 09/29/2023		271		271,160
4.15%, 03/01/2047		115		139,262
4.50%, 02/01/2045		80		100,034
4.75%, 03/01/2046		117		152,101
4.80%, 04/01/2044		385		501,628
5.65%, 12/01/2041		105		148,147
Keurig Dr Pepper, Inc. 0.75%, 03/15/2024		510		510,668
Kimberly-Clark de Mexico SAB de CV 2.431%, 07/01/2031(a)		320		321,568
Kraft Heinz Foods Co. 4.25%, 03/01/2031		370		426,288
Leggett & Platt, Inc. 4.40%, 03/15/2029		511		595,029
Mylan, Inc. 4.20%, 11/29/2023		692		741,575

5

	Principal Amount (000)		U.S. $ Value
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031	$	264	$	267,693
PepsiCo, Inc. 1.70%, 10/06/2021		271		271,385
Perrigo Finance Unlimited Co. 4.375%, 03/15/2026		420		461,156
Pfizer, Inc. 4.10%, 09/15/2038		190		234,969
4.125%, 12/15/2046		112		141,558
4.20%, 09/15/2048		116		148,811
Smithfield Foods, Inc. 3.35%, 02/01/2022(a)		65		65,719
Sysco Corp. 5.95%, 04/01/2030		249		323,232
6.60%, 04/01/2050		227		361,985
Takeda Pharmaceutical Co., Ltd. 2.05%, 03/31/2030		586		589,047
Wyeth LLC 5.95%, 04/01/2037		264		384,999
				19,365,100
Energy – 8.4%
Boardwalk Pipelines LP 4.80%, 05/03/2029		304		356,030
BP Capital Markets America, Inc. 2.939%, 06/04/2051		495		485,679
3.00%, 02/24/2050		670		661,913
Cenovus Energy, Inc. 4.40%, 04/15/2029		600		681,666
5.375%, 07/15/2025		141		160,906
Chevron USA, Inc. 4.20%, 10/15/2049		110		137,656
5.25%, 11/15/2043		160		222,114
6.00%, 03/01/2041		113		168,570
Devon Energy Corp. 5.60%, 07/15/2041		445		555,836
Ecopetrol SA 5.875%, 09/18/2023-05/28/2045		89		95,290
Enable Midstream Partners LP 4.40%, 03/15/2027		366		409,020
4.95%, 05/15/2028		63		72,757
5.00%, 05/15/2044		41		45,398
Enbridge Energy Partners LP 7.375%, 10/15/2045		426		683,146
Energy Transfer LP 3.90%, 07/15/2026		450		495,301
4.20%, 04/15/2027		47		52,462
5.35%, 05/15/2045		145		171,286
6.25%, 04/15/2049		653		860,863
Eni SpA 4.25%, 05/09/2029(a)		247		284,633
Enterprise Products Operating LLC 3.70%, 01/31/2051		130		142,832
4.20%, 01/31/2050		647		757,656
4.80%, 02/01/2049		85		107,013
4.90%, 05/15/2046		45		56,660

6

	Principal Amount (000)		U.S. $ Value
EOG Resources, Inc. 4.375%, 04/15/2030	$	74	$	88,588
Exxon Mobil Corp. 4.114%, 03/01/2046		524		635,324
4.327%, 03/19/2050		220		279,433
Flex Intermediate Holdco LLC 3.363%, 06/30/2031(a)		215		221,349
4.317%, 12/30/2039(a)		215		225,825
Halliburton Co. 2.92%, 03/01/2030		580		609,041
Kinder Morgan, Inc. 5.55%, 06/01/2045		675		885,256
Marathon Oil Corp. 6.60%, 10/01/2037		315		417,671
Marathon Petroleum Corp. 5.125%, 12/15/2026		596		703,644
6.50%, 03/01/2041		165		232,125
MPLX LP 5.20%, 03/01/2047-12/01/2047		395		488,176
ONEOK, Inc. 5.20%, 07/15/2048		328		409,318
6.35%, 01/15/2031		453		589,394
Ovintiv Exploration Inc. 5.375%, 01/01/2026		610		687,860
Pioneer Natural Resources Co. 2.15%, 01/15/2031		570		563,422
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029		51		54,523
4.50%, 12/15/2026		341		385,125
Sabine Pass Liquefaction LLC 5.625%, 04/15/2023		452		484,151
Saudi Arabian Oil Co. 2.25%, 11/24/2030(a)		350		345,835
Shell International Finance BV 3.75%, 09/12/2046		125		144,790
Suncor Energy, Inc. 6.50%, 06/15/2038		315		449,707
6.85%, 06/01/2039		215		319,451
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030(a)		265		270,697
TotalEnergies Capital International SA 3.127%, 05/29/2050		691		723,387
TransCanada PipeLines Ltd. 4.75%, 05/15/2038		50		61,456
7.625%, 01/15/2039		140		222,403
Valero Energy Corp. 7.50%, 04/15/2032		318		449,356
Williams Cos., Inc.(The) 6.30%, 04/15/2040		130		180,459
				18,792,453
Services – 3.2%
Alibaba Group Holding Ltd. 2.125%, 02/09/2031		400		394,780
2.70%, 02/09/2041		300		287,928

7

	Principal Amount (000)		U.S. $ Value
Amazon.com, Inc. 2.50%, 11/29/2022	$	625	$	640,413
4.25%, 08/22/2057		107		140,591
Block Financial LLC 2.50%, 07/15/2028		440		449,693
Booking Holdings, Inc. 4.625%, 04/13/2030		810		976,560
eBay, Inc. 2.60%, 05/10/2031		875		909,370
Expedia Group, Inc. 2.95%, 03/15/2031		405		415,854
4.625%, 08/01/2027		229		260,987
6.25%, 05/01/2025(a)		33		38,477
Global Payments, Inc. 3.20%, 08/15/2029		375		405,596
IHS Markit Ltd. 4.00%, 03/01/2026(a)		76		84,483
4.25%, 05/01/2029		90		105,089
4.75%, 08/01/2028		20		23,826
Mastercard, Inc. 3.65%, 06/01/2049		175		207,883
3.85%, 03/26/2050		446		551,211
Moody’s Corp. 3.25%, 05/20/2050		177		189,032
5.25%, 07/15/2044		356		490,087
Verisk Analytics, Inc. 5.50%, 06/15/2045		486		669,645
				7,241,505
Technology – 7.8%
Analog Devices, Inc. 2.95%, 04/01/2025		36		38,637
5.30%, 12/15/2045		100		139,289
Apple, Inc. 2.50%, 02/09/2022		264		266,717
2.55%, 08/20/2060		210		198,070
2.65%, 05/11/2050		170		168,744
4.45%, 05/06/2044		881		1,155,599
Autodesk, Inc. 3.50%, 06/15/2027		605		674,484
Baidu, Inc. 3.075%, 04/07/2025		265		281,343
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.50%, 01/15/2028		63		69,119
3.875%, 01/15/2027		342		379,651
Broadcom, Inc. 3.50%, 02/15/2041(a)		139		144,433
4.11%, 09/15/2028		596		672,687
5.00%, 04/15/2030		740		882,961
Broadridge Financial Solutions, Inc. 2.60%, 05/01/2031		325		337,925
Dell International LLC/EMC Corp. 4.90%, 10/01/2026		546		635,659
6.02%, 06/15/2026		513		617,524
8.35%, 07/15/2046		140		232,117
Fidelity National Information Services, Inc. 0.375%, 03/01/2023		705		705,063

8

	Principal Amount (000)			U.S. $ Value
Honeywell International, Inc. 0.483%, 08/19/2022	$	271		$	271,030
Infor, Inc. 1.75%, 07/15/2025(a)		95			97,479
Intel Corp. 4.75%, 03/25/2050		464			623,203
4.90%, 07/29/2045		195			263,470
International Business Machines Corp. 2.875%, 11/09/2022		365			376,972
4.25%, 05/15/2049		210			263,552
Lam Research Corp. 3.75%, 03/15/2026		142	��		159,165
Leidos, Inc. 4.375%, 05/15/2030		486			559,075
Marvell Technology, Inc. 2.95%, 04/15/2031(a)		415			433,397
Micron Technology, Inc. 4.663%, 02/15/2030		455			535,176
Microsoft Corp. 2.375%, 02/12/2022		264			266,621
NXP BV/NXP Funding LLC 5.55%, 12/01/2028(a)		956			1,179,644
NXP BV/NXP Funding LLC/NXP USA, Inc. 2.70%, 05/01/2025(a)		24			25,377
Oracle Corp. 2.50%, 05/15/2022		270			273,677
2.875%, 03/25/2031		210			222,050
3.60%, 04/01/2050		586			614,198
3.85%, 04/01/2060		94			101,194
3.95%, 03/25/2051		213			236,913
4.00%, 11/15/2047		547			606,617
6.125%, 07/08/2039		254			354,449
Salesforce.com, Inc. 3.05%, 07/15/2061		560			583,442
SK Hynix, Inc. 2.375%, 01/19/2031(a)		390			384,864
Skyworks Solutions, Inc. 3.00%, 06/01/2031		259			271,243
Texas Instruments, Inc. 1.85%, 05/15/2022		265			268,106
VeriSign, Inc. 2.70%, 06/15/2031		144			149,240
VMware, Inc. 3.90%, 08/21/2027		591			665,496
					17,385,672
Transportation - Airlines – 0.4%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)		131			140,994
Southwest Airlines Co. 5.25%, 05/04/2025		685			782,838
					923,832
Transportation - Services – 0.4%
ENA Master Trust 4.00%, 05/19/2048(a)		370			375,157

9

	Principal Amount (000)		U.S. $ Value
ERAC USA Finance LLC 3.85%, 11/15/2024(a)	$	145	$	158,104
Penske Truck Leasing Co. Lp/PTL Finance Corp. 3.90%, 02/01/2024(a)		300		322,122
4.20%, 04/01/2027(a)		117		133,008
				988,391
				109,042,585
Financial Institutions – 39.0%
Banking – 24.1%
American Express Co. 2.50%, 08/01/2022		472		481,709
Series B 3.584% (LIBOR 3 Month + 3.43%), 11/15/2021(b) (c)		26		26,137
Series C 3.404% (LIBOR 3 Month + 3.29%), 09/15/2021(b) (c)		59		59,091
Banco de Credito del Peru 3.125%, 07/01/2030(a)		304		295,944
Banco Santander SA 2.749%, 12/03/2030		400		403,312
5.179%, 11/19/2025		600		687,480
Bank of America Corp. 2.299%, 07/21/2032		845		852,766
2.592%, 04/29/2031		605		628,050
2.687%, 04/22/2032		630		657,909
2.831%, 10/24/2051		300		294,909
2.884%, 10/22/2030		560		594,804
3.97%, 03/05/2029		620		701,883
3.974%, 02/07/2030		420		478,405
4.078%, 04/23/2040		510		600,489
4.271%, 07/23/2029		827		953,936
Series X 6.25%, 09/05/2024(b)		175		193,856
Series Z 6.50%, 10/23/2024(b)		53		59,884
Bank of New York Mellon Corp. (The) Series E 3.555% (LIBOR 3 Month + 3.42%), 09/20/2021(b) (c)		294		295,164
Series G 4.70%, 09/20/2025(b)		148		163,414
Barclays PLC 3.811%, 03/10/2042		245		264,245
5.20%, 05/12/2026		435		501,794
BBVA Bancomer SA/Texas 5.875%, 09/13/2034(a)		330		359,865
BBVA USA 3.875%, 04/10/2025		481		533,059
BNP Paribas SA 2.219%, 06/09/2026(a)		365		377,465
2.871%, 04/19/2032(a)		520		541,190

10

	Principal Amount (000)		U.S. $ Value
BPCE SA 5.15%, 07/21/2024(a)	$	200	$	222,642
Capital One Financial Corp. 2.359%, 07/29/2032		450		454,000
3.65%, 05/11/2027		345		386,862
3.75%, 03/09/2027		533		597,855
Citigroup, Inc. 2.561%, 05/01/2032		485		501,340
3.875%, 02/18/2026(b)		204		209,194
3.98%, 03/20/2030		390		445,119
4.075%, 04/23/2029		578		659,429
4.412%, 03/31/2031		239		281,657
4.45%, 09/29/2027		932		1,075,435
5.50%, 09/13/2025		512		597,499
Series W 4.00%, 12/10/2025(b)		228		236,030
Citizens Financial Group, Inc. 2.638%, 09/30/2032		316		323,183
Commonwealth Bank of Australia 3.305%, 03/11/2041(a)		305		319,661
Cooperatieve Rabobank UA 3.75%, 07/21/2026		525		581,537
Credit Suisse Group AG 1.305%, 02/02/2027(a)		250		246,685
3.091%, 05/14/2032(a)		663		693,525
4.194%, 04/01/2031(a)		347		395,917
4.55%, 04/17/2026		285		323,888
Danske Bank A/S 1.621%, 09/11/2026(a)		556		560,654
Deutsche Bank AG/New York NY 3.30%, 11/16/2022		334		345,283
3.95%, 02/27/2023		635		665,848
3.961%, 11/26/2025		555		601,820
Discover Bank 4.682%, 08/09/2028		385		409,140
Discover Financial Services 4.10%, 02/09/2027		670		761,019
DNB Bank ASA 6.50%, 03/26/2022(a) (b)		200		206,608
Goldman Sachs Group, Inc. (The) 2.383%, 07/21/2032		364		370,144
2.615%, 04/22/2032		520		539,204
3.50%, 04/01/2025		138		150,025
3.75%, 05/22/2025		225		246,463
3.80%, 03/15/2030		979		1,111,723
4.223%, 05/01/2029		482		554,970
4.25%, 10/21/2025		325		364,660
4.411%, 04/23/2039		148		181,981
5.95%, 01/15/2027		40		48,961
HSBC Holdings PLC 2.013%, 09/22/2028		285		288,862
3.973%, 05/22/2030		342		385,595
4.041%, 03/13/2028		717		802,897
4.25%, 08/18/2025		632		700,907
4.95%, 03/31/2030		205		249,432

11

	Principal Amount (000)		U.S. $ Value
ING Groep NV 2.727%, 04/01/2032	$	510	$	535,413
6.875%, 04/16/2022(a) (b)		200		207,182
Intesa Sanpaolo SpA Series XR 3.25%, 09/23/2024(a)		911		969,623
JPMorgan Chase & Co. 1.953%, 02/04/2032		600		592,464
2.58%, 04/22/2032		415		431,986
2.956%, 05/13/2031		1,614		1,712,728
3.625%, 12/01/2027		335		369,133
3.882%, 07/24/2038		740		866,932
8.00%, 04/29/2027		530		715,993
Series I 3.599% (LIBOR 3 Month + 3.47%), 10/30/2021(b) (c)		127		127,451
Series Q 5.15%, 05/01/2023(b)		135		140,126
Series V 3.465% (LIBOR 3 Month + 3.32%), 10/01/2021(b) (c)		62		61,999
Series Z 3.926% (LIBOR 3 Month + 3.80%), 11/01/2021(b) (c)		107		107,562
Lloyds Banking Group PLC 4.50%, 11/04/2024		592		656,451
Macquarie Group Ltd. 1.34%, 01/12/2027(a)		326		325,462
2.691%, 06/23/2032(a)		435		443,069
Manufacturers & Traders Trust Co. 2.50%, 05/18/2022		315		320,062
Mitsubishi UFJ Financial Group, Inc. 1.538%, 07/20/2027		555		561,449
Mizuho Financial Group Cayman 3 Ltd. 4.60%, 03/27/2024(a)		1,295		1,412,690
Mizuho Financial Group, Inc. 1.554%, 07/09/2027		330		333,501
Morgan Stanley 1.593%, 05/04/2027		730		741,067
2.188%, 04/28/2026		143		148,587
3.622%, 04/01/2031		145		163,145
3.95%, 04/23/2027		345		388,542
Series F 3.875%, 04/29/2024		55		59,805
Series G 4.431%, 01/23/2030		540		635,040
Series H 3.736% (LIBOR 3 Month + 3.61%), 10/15/2021(b) (c)		145		145,529
Natwest Group PLC Series U 2.467% (LIBOR 3 Month + 2.32%), 09/30/2027(b) (c)		300		298,719
PNC Bank NA 2.028%, 12/09/2022		390		392,324

12

	Principal Amount (000)		U.S. $ Value
PNC Financial Services Group, Inc. (The) Series O 6.75% (LIBOR 3 Month + 3.68%), 11/01/2021(b) (c)	$	288	$	289,500
Santander Holdings USA, Inc. 4.40%, 07/13/2027		1,467		1,660,072
Societe Generale SA 1.792%, 06/09/2027(a)		435		436,953
4.25%, 04/14/2025(a)		243		264,751
4.75%, 11/24/2025(a)		200		223,892
Standard Chartered PLC 1.456%, 01/14/2027(a)		345		343,617
State Street Corp. 2.653%, 05/15/2023		315		320,843
Sumitomo Mitsui Financial Group, Inc. 2.142%, 09/23/2030		491		483,694
Truist Financial Corp. Series P 4.95%, 09/01/2025(b)		993		1,093,015
Series Q 5.10%, 03/01/2030(b)		197		226,694
UBS Group AG 7.125%, 08/10/2021(a) (b)		205		205,258
UniCredit SpA 3.127%, 06/03/2032(a)		266		271,442
Wells Fargo & Co. 4.15%, 01/24/2029		567		656,660
4.478%, 04/04/2031		910		1,087,741
5.606%, 01/15/2044		560		782,656
Series BB 3.90%, 03/15/2026(b)		745		773,556
Series G 4.30%, 07/22/2027		691		793,959
Western Union Co. (The) 2.75%, 03/15/2031		500		508,265
Westpac Banking Corp. 4.11%, 07/24/2034		505		561,616
				53,952,632
Brokerage – 0.6%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025(b)		221		246,556
Series I 4.00%, 06/01/2026(b)		605		633,096
Jefferies Financial Group, Inc. 5.50%, 10/18/2023		454		486,230
				1,365,882
Finance – 2.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.15%, 02/15/2024		179		187,699
3.875%, 01/23/2028		515		557,019

13

	Principal Amount (000)		U.S. $ Value
Air Lease Corp. 1.875%, 08/15/2026	$	430	$	434,016
2.875%, 01/15/2026		200		211,514
3.25%, 03/01/2025		179		191,210
3.625%, 04/01/2027		19		20,661
4.625%, 10/01/2028		351		402,520
Aircastle Ltd. 2.85%, 01/26/2028(a)		674		691,895
4.25%, 06/15/2026		21		23,139
5.25%, 08/11/2025(a)		210		237,000
Aviation Capital Group LLC 1.95%, 01/30/2026(a)		179		180,983
3.875%, 05/01/2023(a)		215		225,114
4.375%, 01/30/2024(a)		230		246,981
GE Capital Funding LLC 4.40%, 05/15/2030		540		635,013
GE Capital International Funding Co. Unlimited Co. 4.418%, 11/15/2035		275		337,895
Synchrony Financial 3.70%, 08/04/2026		669		736,428
4.25%, 08/15/2024		58		63,309
5.15%, 03/19/2029		245		293,280
				5,675,676
Insurance – 5.7%
Alleghany Corp. 3.625%, 05/15/2030		885		992,342
Allstate Corp. (The) Series B 5.75%, 08/15/2053		582		631,470
American International Group, Inc. 3.75%, 07/10/2025		392		431,859
Berkshire Hathaway, Inc. 2.75%, 03/15/2023		395		409,587
Centene Corp. 2.45%, 07/15/2028		244		247,077
Guardian Life Insurance Co. of America (The) 3.70%, 01/22/2070(a)		210		227,094
Hartford Financial Services Group, Inc. (The) Series ICON 2.281% (LIBOR 3 Month + 2.13%), 02/12/2047(a) (c)		435		418,322
Humana, Inc. 0.65%, 08/03/2023		670		669,993
4.50%, 04/01/2025		378		424,362
Massachusetts Mutual Life Insurance Co. 5.077%, 02/15/2069(a)		170		214,579
MassMutual Global Funding II 0.60%, 04/12/2024(a)		420		420,941
0.85%, 06/09/2023(a)		270		272,786
Met Tower Global Funding 0.70%, 04/05/2024(a)		715		718,146

14

	Principal Amount (000)		U.S. $ Value
MetLife Capital Trust IV 7.875%, 12/15/2037(a)	$	150	$	209,584
MetLife, Inc. Series D 5.875%, 03/15/2028(b)		170		198,749
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(a)		120		212,276
New York Life Insurance Co. 4.45%, 05/15/2069(a)		180		231,678
Nippon Life Insurance Co. 2.75%, 01/21/2051(a)		490		485,516
Peachtree Corners Funding Trust 3.976%, 02/15/2025(a)		110		120,944
Prudential Financial, Inc. 5.20%, 03/15/2044		737		794,486
5.375%, 05/15/2045		260		287,498
5.625%, 06/15/2043		474		508,133
5.875%, 09/15/2042		235		247,671
Reinsurance Group of America, Inc. 3.15%, 06/15/2030		897		973,523
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(a)		600		686,196
UnitedHealth Group, Inc. 2.375%, 10/15/2022		490		502,412
2.875%, 03/15/2022		212		214,103
Voya Financial, Inc. 5.65%, 05/15/2053		880		930,310
				12,681,637
REITs – 6.1%
American Homes 4 Rent LP 3.375%, 07/15/2051		330		341,672
4.25%, 02/15/2028		5		5,745
American Tower Corp. 3.125%, 01/15/2027		275		297,324
5.00%, 02/15/2024		525		580,986
Boston Properties LP 2.55%, 04/01/2032		821		843,389
Brixmor Operating Partnership LP 2.25%, 04/01/2028		610		627,629
Essential Properties LP 2.95%, 07/15/2031		415		420,814
GLP Capital LP/GLP Financing II, Inc. 5.25%, 06/01/2025		323		364,502
5.375%, 04/15/2026		114		131,887
Highwoods Realty LP 4.125%, 03/15/2028		580		659,060
Host Hotels & Resorts LP Series E 4.00%, 06/15/2025		263		286,488
Series I 3.50%, 09/15/2030		491		521,904
Kilroy Realty LP 3.45%, 12/15/2024		40		42,928
Kimco Realty Corp. 2.80%, 10/01/2026		95		101,851

15

	Principal Amount (000)		U.S. $ Value
Office Properties Income Trust 2.65%, 06/15/2026	$	680	$	699,210
4.50%, 02/01/2025		350		379,869
Omega Healthcare Investors, Inc. 4.50%, 01/15/2025		108		118,592
5.25%, 01/15/2026		808		926,889
Public Storage 0.52% (SOFR + 0.47%), 04/23/2024(c)		415		415,784
Regency Centers LP 3.60%, 02/01/2027		178		198,466
3.70%, 06/15/2030		230		259,946
3.75%, 06/15/2024		33		35,403
4.125%, 03/15/2028		195		222,107
Sabra Health Care LP 3.90%, 10/15/2029		630		673,054
5.125%, 08/15/2026		565		641,185
SITE Centers Corp. 4.70%, 06/01/2027		365		409,705
Spirit Realty LP 3.20%, 02/15/2031		385		409,825
4.00%, 07/15/2029		132		149,188
4.45%, 09/15/2026		238		268,450
Ventas Realty LP 3.50%, 02/01/2025		161		174,250
3.85%, 04/01/2027		120		135,341
4.125%, 01/15/2026		23		25,809
VEREIT Operating Partnership LP 2.85%, 12/15/2032		367		393,523
4.60%, 02/06/2024		1,036		1,127,417
Vornado Realty LP 2.15%, 06/01/2026		425		435,880
3.40%, 06/01/2031		279		293,536
WP Carey, Inc. 4.60%, 04/01/2024		44		48,075
				13,667,683
				87,343,510
Utility – 6.2%
Electric – 5.7%
Abu Dhabi National Energy Co. PJSC 4.375%, 04/23/2025(a)		215		240,370
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(a)		200		207,100
Berkshire Hathaway Energy Co. 2.85%, 05/15/2051		272		270,692
4.25%, 10/15/2050		361		451,102
6.125%, 04/01/2036		100		143,220
CenterPoint Energy, Inc. 0.684% (SOFR + 0.65%), 05/13/2024(c)		320		320,288
2.65%, 06/01/2031		535		558,278
Consolidated Edison Co. of New York, Inc. 4.45%, 03/15/2044		15		18,527
Series A 4.125%, 05/15/2049		290		345,845
Dominion Energy, Inc. 3.90%, 10/01/2025		110		121,991

16

	Principal Amount (000)		U.S. $ Value
Duke Energy Carolinas LLC 3.45%, 04/15/2051	$	410	$	465,153
Duke Energy Corp. 3.30%, 06/15/2041		325		342,615
4.20%, 06/15/2049		423		498,222
Empresas Publicas de Medellin ESP 4.25%, 07/18/2029(a)		200		196,050
Enel Americas SA 4.00%, 10/25/2026		53		57,813
Enel Chile SA 4.875%, 06/12/2028		62		71,467
Enel Finance International NV 2.25%, 07/12/2031(a)		555		562,493
Engie Energia Chile SA 3.40%, 01/28/2030(a)		425		436,634
Entergy Arkansas LLC 3.35%, 06/15/2052		510		566,794
Entergy Corp. 2.80%, 06/15/2030		210		222,709
Entergy Louisiana LLC 0.62%, 11/17/2023		493		493,256
Exelon Corp. 3.497%, 06/01/2022		94		96,128
Florida Power & Light Co. 0.282% (SOFR + 0.25%), 05/10/2023(c)		170		169,866
3.95%, 03/01/2048		642		797,480
Georgia Power Co. 4.30%, 03/15/2042		340		410,883
Kentucky Utilities Co. 3.30%, 06/01/2050		52		57,166
Monongahela Power Co. 3.55%, 05/15/2027(a)		489		543,602
National Rural Utilities Cooperative Finance Corp. 0.35%, 02/08/2024		600		597,276
3.40%, 11/15/2023		275		291,877
Nevada Power Co. Series EE 3.125%, 08/01/2050		215		228,977
NextEra Energy Capital Holdings, Inc. 0.42% (LIBOR 3 Month + 0.27%), 02/22/2023(c)		505		504,813
2.75%, 05/01/2025		75		79,955
5.65%, 05/01/2079		194		227,550
Public Service Enterprise Group, Inc. 8.625%, 04/15/2031(a)		388		586,059
Southern California Edison Co. 0.70%, 04/03/2023		500		501,395
Southern Co. (The) Series A 3.70%, 04/30/2030		440		494,058
Southern Power Co. Series F 4.95%, 12/15/2046		77		95,007
Virginia Electric & Power Co. 8.875%, 11/15/2038		273		495,681
				12,768,392

17

	Principal Amount (000)		U.S. $ Value
Natural Gas – 0.5%
GNL Quintero SA 4.634%, 07/31/2029(a)	$	200	$	217,188
NiSource, Inc. 5.65%, 02/01/2045		60		84,512
ONE Gas, Inc. 0.85%, 03/11/2023		605		605,151
4.658%, 02/01/2044		280		352,525
				1,259,376
				14,027,768
Total Corporates - Investment Grade (cost $201,283,080)				210,413,863
QUASI-SOVEREIGNS – 1.6%
Quasi-Sovereign Bonds – 1.6%
Chile – 0.4%
Empresa de Transporte de Pasajeros Metro SA 3.65%, 05/07/2030(a)		350		380,310
4.70%, 05/07/2050(a)		295		355,475
Empresa Nacional del Petroleo 3.75%, 08/05/2026(a)		200		209,800
				945,585
Malaysia – 0.1%
Petronas Capital Ltd. 4.55%, 04/21/2050(a)		225		278,386
Mexico – 0.4%
Comision Federal de Electricidad 3.348%, 02/09/2031(a)		321		318,552
Petroleos Mexicanos 6.50%, 01/23/2029		240		248,196
6.75%, 09/21/2047		140		124,103
6.95%, 01/28/2060		169		150,393
7.69%, 01/23/2050		80		77,460
				918,704
Panama – 0.2%
Aeropuerto Internacional de Tocumen SA 5.625%, 05/18/2036(a)		200		228,187
Empresa de Transmision Electrica SA 5.125%, 05/02/2049(a)		246		278,211
				506,398
Peru – 0.3%
Corp. Financiera de Desarrollo SA 2.40%, 09/28/2027(a)		560		543,200
Qatar – 0.2%
Qatar Petroleum 3.125%, 07/12/2041(a)		277		287,388
Total Quasi-Sovereigns (cost $3,330,089)				3,479,661

18

	Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 1.1%
Industrial – 0.9%
Basic – 0.2%
Celanese US Holdings LLC 1.40%, 08/05/2026	$	560	$	561,546
Consumer Cyclical - Automotive – 0.2%
Ford Motor Credit Co. LLC 3.81%, 01/09/2024		395		411,977
Consumer Cyclical - Entertainment – 0.2%
Carnival Corp. 11.50%, 04/01/2023(a)		379		427,216
Consumer Non-Cyclical – 0.1%
Newell Brands, Inc. 4.35%, 04/01/2023		191		199,857
Energy – 0.2%
EQM Midstream Partners LP 4.75%, 07/15/2023		100		104,237
Occidental Petroleum Corp. 3.50%, 08/15/2029		55		54,856
Western Midstream Operating LP 4.65%, 07/01/2026		81		86,793
5.45%, 04/01/2044		149		167,253
				413,139
				2,013,735
Financial Institutions – 0.2%
REITs – 0.2%
Diversified Healthcare Trust 4.75%, 02/15/2028		407		411,403
Total Corporates - Non-Investment Grade (cost $2,265,882)				2,425,138
GOVERNMENTS - SOVEREIGN BONDS – 0.8%
Colombia – 0.4%
Colombia Government International Bond 3.125%, 04/15/2031		562		549,812
5.20%, 05/15/2049		200		215,725
				765,537
Mexico – 0.3%
Mexico Government International Bond 3.90%, 04/27/2025		285		315,245
4.60%, 01/23/2046		200		216,225
4.75%, 03/08/2044		150		165,872
				697,342
Peru – 0.0%
Peruvian Government International Bond 2.392%, 01/23/2026		53		54,236

19

	Principal Amount (000)		U.S. $ Value
Qatar – 0.1%
Qatar Government International Bond 4.817%, 03/14/2049(a)	$	228	$	296,656
Uruguay – 0.0%
Uruguay Government International Bond 4.375%, 01/23/2031		54		63,052
Total Governments - Sovereign Bonds (cost $1,718,465)				1,876,823
GOVERNMENTS - TREASURIES – 0.0%
United States – 0.0%
U.S. Treasury STRIPS Zero Coupon, 11/15/2050 (cost $75,463)		135		76,022
Total Investments – 97.4% (cost $208,672,979)(d)				218,271,507
Other assets less liabilities – 2.6%				5,715,570
Net Assets – 100.0%			$	223,987,077

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		40		September 2021		$	4,977,813		$	16,784
U.S. T-Note 10 Yr (CBT) Futures		4		September 2021			537,812			10,057
U.S. Ultra Bond (CBT) Futures		54		September 2021			10,774,688			613,498
Sold Contracts
U.S. 10 Yr Ultra Futures		54		September 2021			8,113,500			(233,638	)
U.S. Long Bond (CBT) Futures		1		September 2021			164,719			(7,689	)
									$	399,012

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2021			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAIG Series 36, 5 Year Index, 06/20/2026*		1.00	%		Quarterly		0.50	%		USD	3,280		$	82,542		$	66,680		$	15,862

* Termination date

20

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received		Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
USD	1,170	09/09/2021		1.132%		3 Month LIBOR		Semi-Annual/ Quarterly	$	(6,275	)	$	—	$	(6,275	)
USD	1,070	03/27/2022		2.058%		3 Month LIBOR		Semi-Annual/ Quarterly		(20,980	)		—		(20,980	)
USD	60	11/04/2044		3 Month LIBOR		3.049%		Quarterly/ Semi-Annual		17,382			—		17,382
USD	60	05/05/2045		3 Month LIBOR		2.562%		Quarterly/ Semi-Annual		11,533			—		11,533
USD	60	06/02/2046		3 Month LIBOR		2.186%		Quarterly/ Semi-Annual		6,887			—		6,887
USD	690	07/15/2046		3 Month LIBOR		1.783%		Quarterly/ Semi-Annual		17,856			—		17,856
USD	270	09/02/2046		3 Month LIBOR		1.736%		Quarterly/ Semi-Annual		5,913			—		5,913
USD	50	11/02/2046		3 Month LIBOR		2.086%		Quarterly/ Semi-Annual		4,768			—		4,768
									$	37,084		$	—	$	37,084

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At July 31, 2021, the aggregate market value of these securities amounted to $36,230,330 or 16.2% of net assets.

(b) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at July 31, 2021.

(d) As of July 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $10,735,972 and gross unrealized depreciation of investments was $(685,486), resulting in net unrealized appreciation of $10,050,486.

Glossary:

CBT – Chicago Board of Trade

CDX-NAIG – North American Investment Grade Credit Default Swap Index

LIBOR – London Interbank Offered Rate

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

STRIPS – Separate Trading of Registered Interest and Principle of Securities

21

AB Corporate Income Shares

July 31, 2021 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1 - quoted prices in active markets for identical investments

• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of July 31, 2021:

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Corporates - Investment Grade	$	—		$	210,413,863		$	—	$	210,413,863
Quasi-Sovereigns		—			3,479,661			—		3,479,661
Corporates - Non-Investment Grade		—			2,425,138			—		2,425,138
Governments - Sovereign Bonds		—			1,876,823			—		1,876,823
Governments - Treasuries		—			76,022			—		76,022
Total Investments in Securities		—			218,271,507			—		218,271,507
Other Financial Instruments(a):
Assets:
Futures		640,339			—			—		640,339
Centrally Cleared Credit Default Swaps		—			82,542			—		82,542
Centrally Cleared Interest Rate Swaps		—			64,339			—		64,339
Liabilities:
Futures		(241,327	)		—			—		(241,327	)
Centrally Cleared Interest Rate Swaps		—			(27,255	)		—		(27,255	)
Total	$	399,012		$	218,391,133		$	—	$	218,790,145

^(a)  Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

22